When you require immediate cash, there can be no one better to help you than a licensed money lender. With the Registry of Money Lenders well established, you can be assured that your transactions will be completely safe and legal. Applying for a loan with a licensed money lender is a swift process. However, if this is your first time applying for a loan, then you may need to be aware of a few things.
While applying for a loan from a licensed money lender is usually a quick affair, you need to be careful. You must read every document carefully and ensure that you take your time. Since people usually go to a licensed money lender when they are in urgent need of cash, it can often mean that applications are processed faster without taking adequate measures. Before you submit your loan applications, there are a few things to keep in mind.
What you should know when applying for a loan from a Licensed Money Lender Singapore:
Applying for a loan can be a daunting task. There are a few key things that you should keep your eye out for:
- Know About Your Eligibility: Depending on whether or not you are a citizen of Singapore, or a foreigner, the loan amount that you can apply for can vary. Before you go to a licensed moneylender, make sure that you check your eligibility to understand whether they will be a viable option for you.
- Determine The Tenure: When you are going to a licensed moneylender, it is usually a given that the loan will be of short tenure. A licensed money lender can come to your aid when you require cash to cover immediate expenses, such as utilities, medical bills and such; they help you out when you unexpectedly run into a financial emergency. Usually, the amount borrowed is lower than that you would borrow from a bank, and the tenure is short as well, some only lasting for a month. Hence, when you are applying for a loan from a licensed moneylender, you must look at the tenure and determine whether or not you will be able to pay off the loan in the stipulated time.
- Rate Of Interest: Just as with different banks, the rates of different money lenders differ. However, according to a law passed in 2015, money lenders cannot charge more than 4% as an interest rate. You must keep this in mind. If any moneylender is claiming extra charges, you can lodge an official complaint with the registry. When you look at the rate of interest, it is easy for you to determine the amount that you owe at the end of the tenure and the repayment amount for every month of your tenure. Thus, the rate of interest helps you determine whether the loan is right for you since it helps you calculate whether you will have sufficient funds every month to repay the due amount.
- Identify All Of The Charges: If a deal seems too good to be true, then it almost always is. When you are looking at the contract for your loan, make sure that you read the documents carefully when you are applying for the loan. There may be hidden charges and handling fees, which may escalate your due amount significantly and make it difficult for you to repay a loan. Identifying the charges also includes identifying the penalty charges. If you ever fall back on your repayments, a moneylender can charge you a penalty fee. However, it cannot exceed more than 4% of the loan amount. Make sure that you know what happens when you fall back on a payment, and how much you will owe the money lender if you do not have the required amount on time.
Thus, while applying for a loan is a quick process, you must be diligent. Every aspect of the application process is important, and you must be aware of what you are signing up for.
Are you looking for a reliable Licensed Money Lender?
CRAWFORT has been serving as a licensed money lender in Singapore for almost two decades. They have built a good reputation and are highly recommended by their clients. They ensure that once you come to them, you do not have to worry about your immediate financial situation any longer. Wondering why you should opt for CRAWFORT?
With this licensed money lender, you do not have to worry about any aspect of borrowing money. From the application process to the repayment of the loan, every step has been digitized for your convenience. You do not have to travel and visit their office to be able to apply for a small loan; rather, every step can be easily completed online.
They also ensure that they keep all of your data confidential. You can trust them with your private information, as you know, that it will not be revealed to others.
With this licensed money lender, you can be assured that you will only be approved for the loan that will fit your financial situation the best. They do the hard work for you and determine which loan will be beneficial for you, and do not try to push other types of loan to you. They also welcome you to cross-check their research with other third-party financial advisers so that you can be assured that you are making the right choice concerning your current and future financial situation.
With the help of a licensed moneylender, you can ensure that your immediate financial needs are satisfied. However, finding a licensed money lender who puts your interest first can be challenging. While the process of applying for a loan is easy, it requires a lot of consideration. When you keep the above tips in mind, you will be able to ensure that the loan that you apply for fits your requirements the best.